SJM Holdings Limited announces Annual Results for the year ended 31 December 2011
Net Profit increases 49.1%
Adjusted EBITDA increases 42.5%
Dividends for year increased by 108.6%
(Hong Kong, 29 February 2012) – SJM Holdings Limited (the "Company") today announced the audited consolidated annual results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 December 2011.
- Gaming revenue earned by Sociedade de Jogos de Macau, S.A. ("SJM"), a subsidiary of the Company, grew by 32% to a record HK,514 million.
- Adjusted EBITDA of the Group grew by 42.5% to a record HK,923 million.
- Profit attributable to owners of the Company grew by 49.1% to a record HK,308 million.
- SJM continued to lead in market share of the Macau casino gaming market, with overall gaming market share of 29%.
- Casino Grand Lisboa continued to perform strongly in 2011, contributing Adjusted Property EBITDA of HK,756 million for the year and Adjusted Property EBITDA margin of 16.5%, on the basis of Hong Kong generally accepted accounting principles. If prepared on the basis of United States generally accepted accounting principles, the Adjusted Property EBITDA margin would be 27.2% for 2011.
- Casino Grand Lisboa's mass market table gaming revenue increased by 39.1% and VIP gaming revenue increased by 49.6%, whilst VIP chips sales increased by 57.7%.
- Grand Lisboa Hotel's occupancy rate increased by 14.7% to 92.6% for the full year, and average room rate increased by 5.3% to HK,055.
- The Group maintained its strong balance sheet, with cash and bank balances totaling HK.7 billion as at 31 December 2011.
- A final dividend of HK43 cents per ordinary share (the "Share") and a special dividend of HK22 cents per Share have been proposed. If the proposed dividends are approved at the forthcoming annual general meeting of the Company, total dividends for 2011, including interim dividend of HK8 cents per Share paid in September 2011, would be HK73 cents per Share – an increase of 108.6% from 2010.
Speaking on the annual results, Dr. Ambrose So, Chief Executive Officer of SJM Holdings Limited, said, "We are very pleased that SJM's net profit and Adjusted EBITDA rose to record levels in 2011. These results, combined with our financial strength, enable our Board to propose an increase in dividend payments for the year of 108.6%."
Further information on SJM Holdings Limited including the Group's audited consolidated financial statements for the year ended 31 December 2011 can be found on www.sjmholdings.com.